Question

    Under Section 54 of the Transfer of Property Act, 1882,

    which of the following best defines "sale" of immovable property? 
    A Transfer of possession of property only Correct Answer Incorrect Answer
    B Transfer of ownership in exchange for a price paid or promised Correct Answer Incorrect Answer
    C Transfer of property without consideration Correct Answer Incorrect Answer
    D Lease of immovable property for a defined period Correct Answer Incorrect Answer
    E Mortgage of property as security for debt Correct Answer Incorrect Answer

    Solution

    Section 54 defines "sale" as the transfer of ownership in exchange for a price paid or promised or partly paid and partly promised. It is distinct from contract for sale, which is an agreement to sell property and does not transfer ownership immediately.

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